- PEPE has leapt back 37% this week; can it keep hopping up? 🐸✨
- The current PEPE market isn’t exactly a sauna, but it’s still a bit chilly, according to Funding Rates.
In a twist worthy of a Dostoevsky novel, Bitcoin [BTC] has rebounded from the depths of $76K to a dizzying height of nearly $85K, igniting a flicker of speculative activity. Meanwhile, the memecoin indices, those whimsical creatures tracked by The Block, have surged an average of 4% on daily charts. 📈
Enter the frog-themed memecoin, Pepe [PEPE], which has bounced back a staggering 37% from its recent lows of $0.00000525. But with the market resembling a circus tent in a storm, one must wonder: is this recovery merely a mirage? 🤔
PEPE’s Recovery Hurdles
Alas, our dear memecoin has lost about 80% of its value since it reached the lofty heights of $0.000028 last December. This decline has effectively wiped out all the 260% gains from the infamous ‘Trump pump,’ leaving it gasping below November levels. 😱
Yet, the great dump seems to have paused above the mystical threshold of $0.0000050 (the white zone). In early 2024, PEPE found itself at this very level, fluctuating below $0.0000080 before doubling its fortune to $0.000016 by May. If history has a sense of humor, perhaps the recovery will continue. 🤞
However, lurking above are the formidable hurdles at $0.0000080 (the breaker block) and the trendline resistance (the white). 🏔️
Moreover, the rebound in RSI and OBV indicators suggests that the recovery could indeed push forward, like a determined frog leaping for its next lily pad. 🐸💨
But beware! Another risk-off move could embolden the bears, sending PEPE tumbling back to the 2024 lows of $0.0000020. 🐻
PEPE Isn’t Overheated
Another delightful data point supporting the recovery is the negative funding rate, indicating that the market isn’t overleveraged at this moment. This could reduce liquidation risks and allow PEPE to climb higher, like a frog on a hot summer day. ☀️
However, lurking below the current price action are considerable liquidity pockets, especially at $0.0000065 and $0.0000068. 💧
Conversely, above the PEPE price action, there exists but a single liquidity pocket at $0.0000073-$0.0000074. 🕳️
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In other words, PEPE could still manage another 10% gain before facing potential price rejection at $0.0000080. However, a renewed weakening in the broader crypto market could dash these bullish dreams. 🌧️
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2025-03-14 01:15